Thursday, June 23, 2011

XOP - GAP DOWN INTO SUPPORT - REVERSAL TRADE



DON'T BE TOO EAGER TO SCALE INTO A POSITION. LET THE PRICE PROVE ITSELF FIRST. LET IT PROVE THAT IT CAN HOLD A CERTAIN LEVER, WICKING BELOW THEN IMMEDIATELY COMING BACK INTO THE LEVEL. + A CONSOLIDATION IS CLEARLY VISIBLE.

THE CONSOLIDATION AFTER BREAKOUT AT 12:40PM TO 12:50 IS THE PLACE TO GET IN BIGGER. THE 30 CENT CONSOLIDATION/CUSHIONED SUPPORT BETWEEN 54.9 TO 54.6 IS THE PLACE TO SCALE INTO.

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